Zota Health Care Limited, a maker of pharmaceutical formulations, nutraceuticals and ayurvedic products, raised Rs58.50 crore in an IPO on the SME platform of the National Stock Exchange (NSE) last month, in what the company claims to be the biggest IPO so far on the SME platform.

Surat-based Zota Healthcare said the IPO, which opened for subscription on NSE's EMERGE platform on 27 April and closed on 2 May, garnered more than Rs930 crore, with the retail portion being subscribed more than 26 times.

The company's IPO of 46,80,000 equity shares, included a fresh issue of 31,80,000 equity shares and 15,00,000 equity shares offered for sale by the promoters and promoter group. The Issue constituted 26.68 per cent of the post issue paid-up equity share capital of the company.

The issue saw heavy participation from various categories of investors. The retail category was subscribed more than 26 times while the HNI category was subscribed more than 7 times. The IPO also witnessed the highest number of applications ever received by an SME IPO, the company stated in a release.

The company proposes to utilise the proceeds from the fresh issues towards repayment of debt, working capital and general corporate purposes.

''Our company has gone public majorly to achieve funds to finance expansion of a company and enhance our visibility in domestic and international markets. Being in a growth stage and looking for rapid expansion, getting listed enabled us to achieve funds for our future endeavors. I would like to thank all the investors who have subscribed for the IPO. Funds achieved by the SME IPO will be used towards expanding our manufacturing and production set up and reach out to more dealers,'' Himanshu Zota, director, Zota Health Care Limited, said on the success of the IPO.

Pantomath Capital Advisors (P) Limited together with Indian Overseas Bank acted as lead managers to the Issue.

Zota Health Care Limited, with more than 20 marketing divisions and product portfolio of around 3,000 products, is engaged in developing, manufacturing and marketing of pharmaceutical and health care products.

The company also has 6 patents for formulations while its applications for 13 patents are under process, the release said.

The company, which started operations in 2000 by marketing pharmaceutical products on a local level, now has a sales network of around 1,000 distributors and a team of 100 medical representatives.

The company has also taken initiatives in digital marketing and has already launched a mobile application for its division ? Nutravedic.com - and is in the process of launching another application to integrate the markets and reach customers on a larger scale.

The company, meanwhile, has purchased the marketing rights of Astra-IDL Ltd for a period of three years to strengthen the market segment of generic medicines. The company also has its own manufacturing facility at Surat catering to export operations.